If a firm is producing the level of output at which short–run average cost equals long–run average cost, then

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the firm has chosen the cost–minimizing combination of inputs to produce this level of output.

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with a fixed amount of capital, short–run average cost is greater than long–run average cost at any other level of output.

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the firm has chosen the profit-maximizing level of output.

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both a and b

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all of the above

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